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GGP Inc. logs Q2 results


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GGP Inc. logs Q2 results

GGP Inc. reported second-quarter company funds from operations of $334.7 million, or 35 cents per share, compared to $340.1 million, or 35 cents per share, in the year-ago period.

Same-store net operating income, or NOI, rose 0.7% to $546.8 million from $543.1 million in the 2016 second quarter.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 36 cents.

With its results, GGP offered 2017 third-quarter company FFO-per-share guidance in the range of 36 cents to 38 cents and affirmed its full-year company FFO-per-share guidance in a range of $1.56 to $1.60, offered in May with its first-quarter earnings.

FFO per share as defined by the National Association of Real Estate Investment Trusts is expected to hit a range of 35 cents to 37 cents in the third quarter and a range of $1.59 to $1.63 for 2017.

The S&P Capital IQ consensus FFO-per-share estimates for the third quarter and full year are 38 cents and $1.56, respectively.

During the second quarter, the company bought its joint venture partner's stake in Neshaminy Mall in Bensalem, Pa., and the Younkers anchor box at Jordan Creek Town Center in West Des Moines, Iowa.

The company's ownership in Miami Design District rose to 22.3% after securing an additional 7.3% of its joint venture partner's membership interests in the development for two promissory notes totaling $98 million.

GGP also landed a 10% joint venture membership interest in 522 Fifth Avenue in Manhattan, N.Y., for a $9.0 million promissory note.

With regard to dispositions, the company divested Red Cliffs Mall in St. George, Utah, for around $39.1 million and completed the sale of Lakeside Mall in Michigan.